Fiscal 2022 Budget Reconciliation Bill -- Adjust Tax Income Limits

Grassley, R-Iowa, amendment no. 5421 to the Schumer, D-N.Y., substitute amendment no. 5194 to the bill that would establish inflation adjustments for income limits with respect to the maximum capital gains tax rate and certain tax credits, exclude certain qualified interest from individual gross income for 2023 and 2024, extend the $10,000 cap on state and local tax deductions through 2026 and reduce funding provided by bill for IRS enforcement activities by $20 billion.